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Iran proposes to establish OPEC-like organization for petrochemicals

General Manager of Iran's National Petrochemical Company (NPC) Abdolhoseyn Bayat said Iran has proposed to establish an OPEC-like organization for petrochemicals, Shana news agency reported.

Speaking to the journalists, Bayat noted that the idea of establishing such organization was proposed to establish an international organization to target and control the global petrochemicals markets.

"Currently, Iran is holding consultations with other countries, especially the countries of the region," Bayat noted.

GM of Iran's National Petrochemical Company added that currently Iran has the capacity to export about 57 million tons of petrochemicals annually, and it is planned to increase this figure to 100 million tons.

Statistics for the first 10 months of the current Iranian year showcase that the country exported some 22 million tons of petrochemicals worth over 10 billion dollars.

The mount is expected to rise to over 14 billion dollars by the end of year.

Iran's total petrochemical products output stood at 31 million tons in the mentioned period.

The managing director of the National Petrochemical Company of Iran said last month that once all the Mehre Mandegar projects in the petrochemical sector come on stream, 12 million tons would be added to the country's petrochemical production capacity.

Abdolhossein Bayat went on to note that 20 Mehre Mandegar projects are underway in the petrochemical sector of which six projects have made progress between 90 to 99 percent while the other 11 projects' progress stand at 50 to 80 percent.

According to the Iranian Oil Minister Rostam Qasemi, the country plans to build 70 new petrochemical production units.

Once all the units come on stream the nation's installed petrochemical production capacity would reach 100 million tons, he said.

Petrochemical sector is one of the most profitable industries of Iran and we can guarantee a 30-percent interest to the investors, Qasemi added.